Permutive

UK-based adtech firm Permutive, backed by SoftBank, announced a significant layoff this week affecting just under 80 employees, which represents about 40% of its total staff. This follows a previous round in August 2022 that cut 12% of roles. CEO Joe Root cited a challenging economic environment, an 80% drop in late-stage venture capital funding, and a need to prioritize profitability as reasons for the restructuring. The company, which provides audience segmentation and data clean room technology to publishers, is undergoing formal consultation processes in the UK and internationally. This move reflects broader pressures in the digital advertising industry, where slowing ad spend and rising costs have prompted widespread cost-cutting.

SoftBank-backed adtech startup Permutive has laid off 30 employees, representing about 15% of its workforce, as economic concerns impact advertising spending and venture capital funding. The layoffs, which occurred across various departments including engineering and marketing, were attributed to over-hiring ahead of revenue. CEO Joe Root noted that the company had paused hiring in June, following similar moves by major tech firms like Google and Facebook in response to slowing ad spend. This reduction is part of a broader trend of tech industry layoffs amid a global economic downturn. Founded in 2015, Permutive provides data software for publishers and has raised $105 million in funding, including a round led by SoftBank's Vision Fund 2.